How Your Competitors Can Improve Your Business! by Noel Murphy
A simple way to improve your business and beat your competitors is by actually knowing your competitors.
Identify who your direct competitors are and see what they do very well and how you can improve it.
On the other hand see what they do poorly and make sure that you do not do the same.
You should be able to start researching your competitors online.
You can also talk to their current or past employees, current and past customers and suppliers to your industry that you might have in common.
To help you start the process you should address the following questions:
- How many firms in your area offer the same products/services that you offer?
- Of those firms, how many are bigger than you?
- Does bigger in your industry offer any specific competitive advantage?
- Are qualifications/licensing requirements needed to enter your industry?
- How important is it in your industry to employ experienced/qualified people?
- Is there an adequate number locally of qualified people who you can recruit, if needed?
The competitor analysis spreadsheet (link here) with action plan is a useful guideline to help you with your analysis.
The competitor analysis is a useful exercise to undertake and should benefit your business.
Please let me know if you need any assistance by emailing me at firstname.lastname@example.org or calling me on 021 4310266.